Grosvenor Group Announces Strong 2007 Results

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Thu Apr 17, 2008 10:00am EDT 

WASHINGTON--(Business Wire)--
Grosvenor, the privately-owned international property development,
investment and fund management Group, achieved a record profit in
2007. Profits before tax increased by 3.0 percent to GBP 524.0m
(US$1.1 billion) and the Group earned a total return of 14.4 percent,
down from 15.5 percent in 2006.

   Total assets under management increased by 17 percent to GBP
12.9bn (US$25.8 billion) during the year. Total assets under
management include both the Group's proprietary property assets and
the assets that Grosvenor manages on behalf of other investors.

   The strong results were achieved in Jeremy Newsum's last full year
as Chief Executive of the Group. Newsum said: "These results
demonstrate the strength of our diverse international business. The
more difficult market conditions we predicted have arrived, but all
Grosvenor's operating companies around the world performed well in
2007. Industry returns are unlikely to recover in 2008, but our
international reach and financial strength mean that the medium term
future is a bright one for Grosvenor."

   Mark Preston, currently Chief Executive of Grosvenor Britain &
Ireland, will take over as Group Chief Executive on July 1, 2008.
Newsum will remain on the Group Board as a Non-Executive Director.

   Grosvenor made a further GBP 48.8m (US$97.6 million) provision
against its Liverpool One urban regeneration development, to reflect
the decline in capital values during the year. Excluding the Liverpool
One provision, revenue profit increased by an underlying 82 percent to
GBP 112.9m (US$225.8 million) during 2007.

   Grosvenor's balance sheet net asset value increased by 19 percent
to GBP 3.1bn (US$6.2 billion) during 2007. The Group performed well
throughout its businesses, and Grosvenor Australia achieved a
particularly high total return of 24.8 percent.

   The Grosvenor Annual Report & Accounts 2007 outlines the
performance of the different parts of the Group. The report is
available online at www.grosvenor.com.

Grosvenor
Lorin Horosz, 415-268-4037
Director of Marketing Communications
lorin.horosz@grosvenor.com
or
LHB Communications Inc.
Leslie Braunstein, 703-234-7762
info@lhbcommunications.com

Copyright Business Wire 2008
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